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On January 1, 2020, ABC Company purchased a machinery from DEF Corporation that has a cash price of Php500,000 with terms of 2/10, n/30, FOB shipping point. The freight of PhP20,000 on the purchased was paid by DEF Corporation. The machinery has an 8-year useful life with a residual value of Php50,000 and is depreciation using the straight-line method. Answer the following independent question:
Problem 1: If in 2020, ABC revised the machinery's residual value to Php 38,000, how much is the 2022 depreciation expense?
Option 1: 59,500.00
Option 2: 69,000.00
Option 3: 57,500.00
Option 4: 70,500.00
Option 5: None of the choices
Problem 2: If in 2022, ABC revised the machinery's total useful life to 7 years, how much is the 2022 depreciation expense?
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